Human resources management (1 - 10 of 18 items)
Improving the Financial Condition of the Pension Benefit Guaranty Corporation
T-HRD-92-60: Published: Sep 25, 1992. Publicly Released: Sep 25, 1992.
GAO discussed the Pension Benefit Guaranty Corporation's (PBGC) financial condition. GAO noted that: (1) the PBGC deficit, which has grown significantly in recent years, totalled $2.3 billion at the end of fiscal year 1991; (2) large unfunded liabilities in the plans it currently insures present the greatest threat to PBGC, which estimates that its deficit could grow to $17.9 billion by 2001; (3)...
HRD-92-28R: Published: Mar 23, 1992. Publicly Released: Mar 30, 1992.
Pursuant to a congressional request, GAO provided information about the accuracy of premiums paid by pension plans to the Pension Benefit Guaranty Corporation (PBGC). GAO noted that: (1) 13 of the 24 plans it studied made premium calculation errors, with most errors involving the calculation of variable premiums; (2) the errors resulted in the plans underpaying their 1990 premiums by less than one...
Pension Plans: Fiduciary Violations in Terminated Underfunded Plans
HRD-91-87: Published: May 13, 1991. Publicly Released: Jul 1, 1991.
Pursuant to a congressional request, GAO reviewed fund abuses in pension plans for which the Pension Benefit Guaranty Corporation (PBGC) assumed responsibility, focusing on: (1) the extent to which such abuses occurred; (2) whether PBGC identified the abuses; and (3) the adequacy of PBGC actions in pursuing legal remedies, including recovering misused funds.GAO found that: (1) fiduciaries' fund ab...
Pension Plans: Public Plans in Four States Have Generally Similar Policies and Practices
HRD-90-133: Published: Jul 24, 1990. Publicly Released: Aug 27, 1990.
Pursuant to a congressional request, GAO provided information on public pension plans in four states.GAO found that: (1) boards of trustees and their staffs administer public pension plans; (2) each board establishes policy and appoints a chief administrative officer responsible for hiring and overseeing the staff that carries out the plan's daily operations; (3) two plans have a single board and...
Private Pensions: Impact of Vesting and Minimum Benefit and Contribution Rules in Top-Heavy Plans
HRD-90-4BR: Published: Oct 23, 1989. Publicly Released: Oct 23, 1989.
Pursuant to a congressional request, GAO provided information about tax reform legislation's effects on the vesting status of participants in top-heavy pension plans, in which more than 60 percent of benefits or contributions go to company owners or other key employees.GAO found that tax reform legislation established a maximum 3- to 6-year waiting period for vesting in top-heavy pension plans and...
Pension Plan Participation in Leveraged Buyout Funds
T-HRD-89-5: Published: Feb 9, 1989. Publicly Released: Feb 9, 1989.
GAO discussed the role of pension funds in leveraged buyouts (LBO). GAO reviewed 4 plan sponsors and found that: (1) they invested $474 million in assets in 44 LBO; (2) they made their decisions after evaluating the LBO firms' reputations, experience, and track records; (3) generally, LBO fund investments are risky because their assets are committed for 10 or 12 years and cannot be traded on the o...
Pension Plans: Labor and IRS Enforcement of the Employee Retirement Income Security Act
HRD-89-32: Published: Jan 23, 1989. Publicly Released: Jan 23, 1989.
Pursuant to a congressional request, GAO reviewed the Department of Labor's (DOL) and the Internal Revenue Service's (IRS) efforts to enforce the Employee Retirement Income Security Act's pension plan provisions.GAO found that: (1) DOL closed 1,323 individual pension plan investigations in fiscal year (FY) 1987 and closed 718 during the first 8 months of FY 1988; (2) DOL closed investigations of 7...
Providing Periodic Personal Earnings and Benefit Statements to Workers Covered by Social Security
T-HRD-88-25: Published: Jul 14, 1988. Publicly Released: Jul 14, 1988.
GAO discussed requiring the Social Security Administration (SSA) to provide periodic personal earnings and benefit statements to workers covered by social security. GAO found that: (1) 70 percent of the 25 million workers in defined benefit pension plans lacked knowledge of their eligibility for early or normal retirement; (2) from 1978 through 1984, SSA recorded $58.8 billion less in earnings tha...
Effect of the 1987 Stock Market Decline on Selected Large Pension Plans
T-HRD-88-21: Published: Jul 12, 1988. Publicly Released: Jul 12, 1988.
Pursuant to a congressional request, GAO reviewed the 1987 investments of large pension plans to determine: (1) how the 1987 stock market decline affected plan assets; (2) whether there was a relationship between the proportion of funds invested in stock and changes in asset values; and (3) how defined-benefit and defined-contribution plans fared during the market decline. GAO found that: (1) alth...
Pension Plans: Vesting Status of Participants in Selected Small Plans
HRD-88-31: Published: Oct 30, 1987. Publicly Released: Oct 30, 1987.
In response to a congressional request, GAO provided information on the vesting status of individuals in top-heavy retirement plans in small businesses with fewer than 100 employees, to determine the likely effect of the Tax Reform Act of 1986 on their vesting status.GAO found that of the 128 retirement plans it reviewed: (1) shorter-tenured workers would have been adversely affected by the change...